Butcher Creek

Palm springs, wa

“We completed a successful exploration of Palm Springs within months of acquiring the project and have now delivered an impressive maiden resource. Confidence has been established in the historic drilling, allowing the classification of significant Indicated Resources at Butchers Creek based on the quality of the original data, close drill spacing, comparable/supporting results in 2020 drilling, comparisons with historic production, and the successful extension of mineralisation to the south.”

Acquired by Meteoric in March 2020, The Palm Springs gold project is located in the Halls Creek Orogen of Western Australia and is an advanced exploration play containing past production, spectacular drill intercepts and historic resources.

The Project includes 20km of prospective strike, covering more than 12,500ha with more than 60 known gold occurrences outside the Butchers Creek Mine – which historically produced 52,000oz gold.

Mining at the Butchers Creek mine ceased amid historically low gold prices in the late 1990s and there has been little to no modern exploration since that time.

A maiden 26 hole drilling program carried out by Meteoric confirmed and extended known gold mineralisation over 360m along strike to the south west of Butchers Creek Open Pit. The orebody is open at depth and down plunge to the south.

The Company completed its Global Mineral Resource Estimate (MRE) at the Palm Springs Gold Project in June 2021. The MRE, using a 0.8g/t Au lower cut-off, contains a total of 357,000 oz of gold comprising 139,000 ounces @ 2.24 g/t Au in the Indicated category and 218,000 ounces @ 1.9 g/t in the Inferred category.

The MRE comprises of two deposits:

– Butchers Creek (includes remaining resources below the historic Pit)
o Indicated 1.9 Mt @ 2.24 g/t for 139,000 oz Au; and
o Inferred 3.3 Mt @ 1.7g /t for 180,000 oz Au

– Golden Crown (restated under JORC 2012)
o Inferred 390 Kt @ 3.1 g/t for 38,000 oz Au

 
Of the MRE reported, 40% is in Indicated category which will significantly reduce planned exploration and development timelines. A large portion of the Indicated Resource at Butchers Creek occurs in the floor and beneath the historic pit, providing immediate ore for future development. The Butchers Creek Resource sits largely within granted Mining Leases, potentially cutting approval times for development.

Meteoric’s 2021 field program is focused on increasing the size of the MRE and converting additional ounces from Inferred into the Indicated Resource category.

Classification of Indicated Resources immediately below the Butchers Creek pit means the Company no longer needs to dewater the historic pit or complete verification drilling, a significant saving in expenditure and time as the project moves toward economic studies/prefeasibility.